Source: The Economic Times

Reliance Super Five Plus is an endowment plan with a limited premium-paying term. While the policyholder can choose a policy term from 10 to 40 years, the premium-paying term will always be five years less than the policy term. The scheme pays the sum assured to the policyholder at the end of the premium-paying term, which is five years less than the policy term. As the policy stays in force, in the event of the death of the policyholder before the policy term is completed, the sum assured shall be paid to the nominee despite fact that the same has already been paid to the policyholder at the end of the premium paying term. However, in the event of the death of the policyholder during the premium-paying term, the sum assured shall be paid just once, to the nominee and the policy shall terminate. Notwithstanding the fact that Reliance Super Five Plus has a limited premium-paying mandate, the premiums charged by the scheme are too high to generate any sort of healthy returns for the policyholder at the end of the premium-paying term.